NRS 106.380 – Notice of election to terminate operation of instrument; recording of statement by lender or borrower; change of notice address by lender.
1. A borrower may at any time personally deliver or send by certified mail, return receipt requested, written notice to the lender stating that the borrower elects to terminate the operation of an instrument as security for future advances of principal made after the lender receives the notice. The notice: (a) Must be delivered or […]
NRS 106.390 – Effect of notice of termination.
Receipt of notice of termination by the lender does not affect the priority of any lien for any future advances previously made, obligations previously incurred or interest accrued thereon. (Added to NRS by 1985, 726)
NRS 106.400 – Advances made after notice of termination.
Future advances of principal made to a borrower after the receipt of the notice of termination by the lender are not secured by the instrument. The principal amount of indebtedness secured by the instrument is limited to the amount stated by the lender in the lender’s recorded statement. (Added to NRS by 1985, 726; A […]
NRS 106.500 – Borrower’s instruction to suspend and close equity line of credit: Form; effect.
1. Upon receipt of a written request from an authorized person to terminate an equity line of credit secured by a mortgage or deed of trust, the lender shall: (a) Terminate the borrower’s right to obtain advances under the borrower’s equity line of credit; (b) Apply all sums subsequently paid by or on behalf of […]
NRS 106.350 – Applicability.
The provisions of NRS 106.300 to 106.400, inclusive, apply only to an instrument or supplement or amendment to an instrument that states clearly that it is to be governed by those provisions. (Added to NRS by 1985, 726; A 1989, 492)
NRS 106.360 – Execution, enforceability, contents and amendment of instrument.
1. A borrower may execute an instrument encumbering the borrower’s real property to secure future advances from a lender within a mutually agreed maximum amount of principal. The instrument or an amendment to the instrument is enforceable only if the instrument or the amendment is recorded in the office of the county recorder of the […]
NRS 106.370 – Priority of lien.
1. The priority of a lien for future advances dates from the time that the instrument is recorded in the office of the county recorder of the county in which the property is located, whether or not the: (a) Future advances are obligatory or at the option of the lender; or (b) Lender has notice […]
NRS 106.295 – Request by mortgagor for certified copy of note, mortgage and assignments.
1. A mortgagor may submit a written request to the servicer of the mortgage for a certified copy of the note, the mortgage and all assignments of the note and mortgage if: (a) The real property subject to the mortgage is a single-family dwelling; (b) The mortgagor is the owner of record of the real […]
NRS 106.300 – Definitions.
As used in NRS 106.300 to 106.400, inclusive, unless the context otherwise requires, the words and terms defined in NRS 106.310 to 106.345, inclusive, have the meanings ascribed to them in those sections. (Added to NRS by 1985, 725; A 1989, 492)
NRS 106.310 – “Borrower” defined.
“Borrower” means a mortgagor, grantor of a deed of trust or other debtor. (Added to NRS by 1985, 725)